Nationwide Building Society has a comprehensive flexible benefits scheme from which 19,164 staff can select perks.
Prior to Nationwide’s takeover of Portman Building Society, around 50% of employees actively selected flexible benefits through the firm’s Choices scheme.
The plan has 15 options including environmentally-friendly initiatives such as a carbon offsetting option and a cycle-to-work scheme.
Rosemary Crabb, rewards analyst at Nationwide, explains: “Flexible benefits should be about genuine choice, offering a range of options that will help employees manage their salary package and lifestyle. We have a diverse workforce and our aim is to build a benefits package that will include something for everyone.” She says that childcare vouchers have the biggest take up in terms of monetary value. Nationwide offers a 5% discount on top of the tax and national insurance savings that can be made by employees. In terms of numbers, the most popular flexible benefit is RAC breakdown cover, which more than 2,000 members of staff have taken up.
Through the Choices plan, employees can also top up their Fruitful Rewards Value Account into which non-cash awards and rewards are credited, including seasonal gifts and some bonuses. Staff can redeem their balance against a wide range of products, and discounted gift and retail vouchers.